#04 – New Zealand Dollar
Spotted a selling opportunity on NZD/USD
Monthly Chart shows clear sign of rejection on the bullish candlestick pull back by breaking its low (Previous month C.S). Overall market channel has been broken off in 2014 and has since been trending bearishly with confirmation in 2015.
Spotted trend continuation pattern on the Weekly Chart, as candlestick broke of key price while making progressive lower highs and lower lows.
Waited for Daily Chart to show a sign of trend reversal (the past few bullish candlestick). On Thursday, 18 May, market retest key level which led me to find potential trading entry on a smaller time frame.
On the 1 Hour Chart, market showed a strong s/r line that span across 32 days. I’ve decided to wait for a clear rejection on that line and reversal. Market execution order has put me in a trade for a 1:4.56 RR ratio.
Hope you guys have gotten in for a better price than me:)